(NewsNation) — Nationwide rents fell .3% in January, marking the sixth straight month of negative rent growth, according to the Apartment List’s February rent report.
“The recent declines are in line with the rental market’s typical seasonal pattern, as fewer renters are looking to move in the fall and winter, although this year’s dip has been a bit sharper and more prolonged than what we normally see,” Apartment List analysts said.
The nationwide median rent for a one-bedroom is $1,207; it’s $1,359 for a two-bedroom unit.
Rent is currently at the lowest level since March 2022, but the start of the moving season should provide a boost of demand, Apartment List researcher Rob Warnock told NewsNation.
Warnock noted, however, that strong supply growth is expected to keep rents from skyrocketing.
The national vacancy index stands at 6.5%, which is slightly higher than the pre-pandemic average, according to Apartment List. The number of vacant units on the market is expected to increase in 2024.